For many people, caring for their pet is a wonderful and fulfilling experience. Over the years, humanisation has become a key trend in the pet care market, with people taking care of their pets in the same way they would of other family members. This positive change in mindset has augured well for the prospects of the global pet care market, which is projected to witness a steady growth through 2020.
Positive Outlook on the Southeast Asia Pet Care Market
The Southeast Asia pet care market was worth US$ 952 Mn in 2014 and it is anticipated that it will witness a CAGR of 6.8% through 2020 to reach a valuation of US$ 1.4 Bn. Increase in disposable income in Southeast Asian middle class segment is one of the key drivers for the growth of the pet care market. The easy availability of private label products is another factor that is anticipated to fuel the growth of the Southeast Asia pet care market.
Today, pet owners in Southeast Asia are aware about the benefits of feeding natural and organic food to their pets, and this has led to an increase in demand for these food products. Moreover, pet owners are also looking for premium products for their pets, and this has given a boost to the overall Southeast Asia pet care market.
Southeast Asia Pet Care Market Segmentation
The Southeast Asia pet care market can be segmented on the basis of pet food and includes:
The dog food segment currently has the largest market share in the Southeast Asia pet care market, but it is projected that there will be a slight decrease in its market share through 2020. It is forecasted that the pet products segment will witness a CAGR of 7.1% through 2020.
On the basis of price, the Southeast Asia pet care market is segmented into economy-priced, mid-priced, and premium priced products. The mid-price segment currently dominates the market and it is anticipated that it will witness a CAGR of 6.5% through 2020 and reach a valuation of US$ 799.1 Mn. On the other hand, the premium-priced segment is expected to witness the highest CAGR of 7.2% through 2020. It is projected that the premium-priced segment will reach a valuation of US$ 401.8 Mn by 2020. Economy-priced segment is also forecasted to witness a healthy CAGR during the forecast period.
On the basis of distribution channels, the Southeast Asia pet care market can be segmented into supermarket, veterinary clinic, and pet shop. Among these segments, supermarket is anticipated to expand at a CAGR of 6.8% and reach a valuation of US$ 512.9 Mn. Pet shop and veterinary segments are expected to expand at a CAGR of 6.5% and 7.1% respectively.
Thailand, Philippines, and Vietnam: Key Regions for Southeast Asia Pet Care Market
Thailand, Philippines, and Vietnam are anticipated to be the key regions for the growth of the Southeast Asia pet care market. The pet care market in these countries will exhibit a healthy single-digit growth in the next five years.
Key Players in the Southeast Asia Pet Care Market
Nestlé Purina, Mars, Inc., Merck & Co., and Zoetis have a market share of over 50% and it is projected that these players will strengthen their position by acquiring new entrants.
Browse full Report of Southeast Asia Pet Care Market: http://www.futuremarketinsights.com/reports/details/southeast-asia-pet-care-market
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